Stock Market Today: With the GIFT Nifty on the NSE IX down 10 points, or 0.05 per cent, at 21,619, Dalal Street was likely to have a quiet start to the week. A bearish dark cloud cover candle formed on the daily chart by Nifty’s 215.5-point decline formed ahead of the Fed’s two-day meeting starting tonight and the Interim Budget session on Thursday. Today, a number of companies like Sun Pharma, Maruti Suzuki, Ambuja, Dabur, and Shree Cement will release their third quarter earnings. Following tech losses on Wall Street, Tokyo stocks opened lower on Wednesday as investors awaited US Federal Reserve interest rate announcements.
Stock Market Today: Stocks in focus
M&M Financial services
The non-banking financial company posted a net profit of Rs 553 crore for the fiscal year that ended in December of last year, a decrease of 12% from the same time the previous year. While net interest margin decreased by 60 basis points to 6.8 percent for the quarter, net interest income increased by 10% YoY to Rs 1,815 crore.
Dr Reddy’s Laboratories
Despite increased tax expenses, the pharmaceutical company’s consolidated net profit for the October–December fiscal year of FY24 increased by 10.6 percent year over year to Rs 1,378.9 crore. Compared to the same period last year, revenue from operations for the quarter increased by 6.6% to Rs 7,215 crore, mostly due to improvements in market share for already-existing goods in North America and the continuance of the growth trajectory in Europe.
Larsen & Toubro
For the quarter that concluded in December of FY24, the infrastructure giant reported a 15% year-over-year increase in total net profit of Rs 2,947 crore. EBITDA margin decreased by 50 basis points to 10.4 percent for the quarter, but consolidated revenue from operations increased by 19 percent year over year to Rs 55,128 crore, fueled by the ramp-up in execution of the robust order book in the projects and manufacturing portfolio. Strong ordering momentum in the Middle East saw L&T get orders worth Rs 75,990 crore at the group level during the quarter, up 25% from the same time a year earlier.
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